Why we invested in Alpha Medical, a technology platform that empowers women to take control of their healthcare
An innovative new company at the intersection of healthcare and telemedicine promises to provide affordable access to doctors for women in underserved communities and demographics.
We invested in Alpha Medical because it meets a growing need for remote access and removes much of the friction involved in virtual healthcare. The company’s solution facilitates treatment for over 60 medical conditions, ranging from primary and urgent care to mental health and OB-GYN services. Alpha Medical provides routine healthcare for women, and can help identify and prevent more serious illnesses that could be life-threatening.
Alpha Medical's innovative approach makes access to healthcare more affordable and accessible for women who might otherwise not be able to afford a doctor’s visit. This can help to reduce the need for high cost hospital care, making the entire healthcare system more efficient.
The smart integration of asynchronous care -- in which there is little, if any, real-time interaction between patient and provider -- helps to reduce costs. At the same time, Alpha Medical’s messaging platform facilitates communication and makes medical care available anytime, and from anywhere. The company’s model helps to democratize access to healthcare, and it has the potential to scale rapidly as patients and doctors embrace the convenience of mobile medicine.
Alpha Medical’s subscription-based model offers a combination of reliable service delivery and high margins. Membership for all-inclusive visits ranges from $40 for three months to $120 with an annual subscription. Mental health services can be added for an additional $150 a year. Patients also have an a la carte option, priced at $15 to $30 per visit.
What we call the founder-market-fit is another reason we like Alpha Medical. This is a company that understands the healthcare needs of women, and it is run by women. Gloria Lau, CEO and co-founder has a Ph.D. in engineering from Stanford University, and an extensive data science background. Mary Jacobson, M.D., Chief Medical Officer, has more than 15 years of clinical and medical consulting experience, as well as a master's degree in business management from Stanford.
Alpha Medical’s target market also fits nicely with high growth areas for Samsung mobile devices. Providing affordable services for women in underserved markets has significant growth potential that aligns with both the business and corporate social responsibility goals of forward-thinking tech companies.
The company’s market potential has attracted considerable interest from digital health investors. SpringRock Ventures led the most recent $24 million Series B round. Other investors, in addition to Samsung Next, include Margo Georgiadis, Outcomes Collective Growth Capital, FMZ Ventures, Chamaeleon, AV8 Ventures, and GSR Ventures.
The COVID-19 pandemic has accelerated the acceptance of virtual care and helped Alpha Medical to demonstrate its growth potential. The company currently serves patients in 46 states and the District of Columbia. We think the market for Alpha Medical’s clinical, integrated, and pharmaceutical services totals more than $50 billion in the United States alone.
Jonathan Machado is Senior Investment Director with Samsung Next
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